Pactiv Evergreen Inc. (NASDAQ:PTVE) Shares Purchased by Federated Hermes Inc.

Federated Hermes Inc. lifted its holdings in Pactiv Evergreen Inc. (NASDAQ:PTVE) by 109.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 3,476 shares of the company’s stock after purchasing an additional 1,818 shares during the quarter. Federated Hermes Inc.’s holdings in Pactiv Evergreen were worth $48,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PTVE. Greenwich Wealth Management LLC acquired a new stake in Pactiv Evergreen in the third quarter valued at $84,000. Rubric Capital Management LP lifted its stake in shares of Pactiv Evergreen by 3.8% in the third quarter. Rubric Capital Management LP now owns 5,000,000 shares of the company’s stock valued at $40,650,000 after purchasing an additional 184,217 shares during the period. GSA Capital Partners LLP boosted its holdings in Pactiv Evergreen by 92.9% during the third quarter. GSA Capital Partners LLP now owns 92,222 shares of the company’s stock worth $750,000 after buying an additional 44,410 shares in the last quarter. American Century Companies Inc. grew its position in Pactiv Evergreen by 0.7% during the third quarter. American Century Companies Inc. now owns 5,393,773 shares of the company’s stock worth $43,851,000 after buying an additional 38,104 shares during the period. Finally, Swiss National Bank increased its holdings in Pactiv Evergreen by 2.1% in the third quarter. Swiss National Bank now owns 97,900 shares of the company’s stock valued at $796,000 after buying an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 22.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Jefferies Financial Group began coverage on Pactiv Evergreen in a report on Friday, January 19th. They issued a “buy” rating and a $18.00 price target on the stock. Citigroup raised their price target on Pactiv Evergreen from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, April 4th. UBS Group assumed coverage on Pactiv Evergreen in a research note on Tuesday, January 16th. They set a “buy” rating and a $19.00 price target for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $18.00 price objective on shares of Pactiv Evergreen in a research note on Monday, March 4th. Finally, The Goldman Sachs Group lifted their target price on shares of Pactiv Evergreen from $12.50 to $14.00 and gave the stock a “neutral” rating in a research report on Monday, March 4th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.00.

Pactiv Evergreen Trading Up 0.1 %

Shares of PTVE stock opened at $13.59 on Tuesday. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of -29.54, a PEG ratio of 0.86 and a beta of 1.43. The company has a current ratio of 2.00, a quick ratio of 0.93 and a debt-to-equity ratio of 2.69. The firm has a 50-day moving average price of $14.20 and a 200 day moving average price of $13.25. Pactiv Evergreen Inc. has a twelve month low of $6.86 and a twelve month high of $15.84.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.29 billion. Pactiv Evergreen had a negative net margin of 1.50% and a positive return on equity of 13.89%. The company’s quarterly revenue was down 12.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.13 earnings per share. Research analysts forecast that Pactiv Evergreen Inc. will post 1.13 earnings per share for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date of this dividend is Friday, May 31st. Pactiv Evergreen’s dividend payout ratio is currently -86.96%.

About Pactiv Evergreen

Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in the United States, rest of North America, and internationally. It operates in two segments, Foodservice, and Food and Beverage Merchandising. The Foodservice segment offers food containers; drinkware, such as hot and cold cups and lids; and tableware, service ware, and other products.